Mastercard has launched Fintech Express in the Middle East and Africa. The program is designed for emerging and established businesses under the fintech umbrella looking to add payment solutions or innovate through partnerships.
The program aims to expand Mastercard’s partnership with fintech companies and to create a seamless process of bringing fintech enterprises into the Mastercard global network.
Mastercard Fintech Express
Fintech Express is working on three core modules which are Access, Build and Connect.
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- Access: through Master Card Express Fintech, regulated companies will be able to acquire a Mastercard Licence. The licencing can be acquired either as a Principle or an Affiliate customer. Principle customers deal directly with Mastercard as well as align with Mastercard’s objectives. Affiliate customers participate indirectly and do so through their Principle sponsor. The Principle customers may sponsor one or more affiliate and are responsible for the settlement and activities of its affiliates. Added to that Mastercard will provide access to Mastercard’s network through a streamlined onboarding process.
- Build: Fintech as processors/enablers can become an Express Partner by building unique tech partnerships.
- Connect: Fintechs/startups looking to add a payments solution can do so with a network of qualified Express Partners available through Mastercard’s Engage web portal.
“Technological advancement and innovation are steering the digital financial services industry as fintech players are becoming globally mainstream and an increasing influx of these players are competing with large traditional players. With today’s announcement, we are taking the next step in further empowering them to fulfil their ambitions of scale and speed”Gaurang Shah, Senior Vice President, Digital Payments & Labs, Middle East and Africa, Mastercard
Becoming an Express Partner allows brands to simplify and launch payment solutions. Mastercard says the process is shortened from a few months to a matter of days.
There are some players on the continent who have already joined forces with Mastercard under the Express Partner program:
- Diamond Trust Bank (DTB), a bank operating in Kenya, Uganda, Tanzania and Burundi.
- DPO Group, a payment service provider
- Nedbank South Africa
- Ukheshe (South Africa) a platform that aids banks and telcos provide small businesses with affordable digital banking solutions.